News
Crisis predictable, mirrors previous episodes: BIS
Economists at the Bank for International Settlements (BIS) have found that the current financial turmoil was, like other bouts of market stress, preceded by easily identifiable build ups in credit expansion and risk-taking.
Avoid Tokyo's mistakes to combat deflation: Ito
Takatoshi Ito, a prominent economist, has urged global monetary authorities to learn from Japan's errors in order to successfully stave off a nasty bout of deflation.
Iceland's Oddsson out, Norwegian consultant in
David Oddsson, the beleaguered head of the Central Bank of Iceland, was forced to step down on Friday following the passing of a new central bank act. Svein Harald Oygard, a director at McKinsey, a consultancy, will replace him as interim governor.
SNB's Roth to step down
Jean-Pierre Roth, the head of the Swiss National Bank, will retire at the end of this year.
Development banks pledge €24.5bn to east Europe
The World Bank, the European Bank for Reconstruction and Development (EBRD), and the European Investment Bank on Friday agreed to lend up to €24.5 billion ($31 billion) to support banks in central and eastern Europe hit by the crisis.
Bulgaria takes counter-cyclical measures
The Bulgarian National Bank has taken counter-cyclical measures to support its domestic banks.
We must review our reliance on ratings: King
Central banks must rethink their reliance on credit ratings to assess financial products' suitability for open-market operations, Mervyn King, the governor of the Bank of England, has said.
Ex-Buba's Pohl sees euro threat
Karl Otto Pohl, a former president of the Bundesbank, has said that he believes countries are considering quitting the eurozone and that German politicians are concerned that they will end up shelling out for any member's debt defaults.
BoE's Tucker: end bickering over CDS clearing
Paul Tucker, the soon-to-be deputy governor responsible for financial stability at the Bank of England, has called on officials to stop feuding over plans to create a central counterparty for credit default swaps (CDS).
Washington talks down nationalisation
Some of the main players in the United States's plans to fix the financial sector have been playing down the likelihood of nationalisation in recent days.
UK regulator issues code to curb risks from pay
The Financial Services Authority (FSA), Britain's industry regulator, on Thursday outlined a reform agenda for financial sector pay aimed at curbing the excessive risk taking of recent years.
EU group: extend regulation, burst bubbles
The much-awaited de Larosiere report on financial regulation in the European Union (EU) has urged central bankers to burst asset-price bubbles with monetary policy and monitor all systemically-important financial institutions.
Fears for zloty outweigh calls for cuts
The National Bank of Poland opted for a smaller-than-expected cut on Wednesday in a bid to maintain the value of the zloty. The move reflects the mounting concern among central and eastern European countries that marked currency depreciations could…
SA inflation dips as new gauge introduced
South African inflation plunged by more than two percentage points last month following the introduction of a new inflation basket.
Riksbank names new monetary policy deputy
Jesper Hansson, formerly the head of the monetary policy forecasting division of the Riksbank, is the new deputy head of the central bank's monetary department.
Romania wants to accelerate euro adoption
Bucharest is looking in to adopting the euro before the current target of 2014 in order to more closely link Romania's economy with other members of the European Union.
Malaysia reneges on pledge to hold firm
Bank Negara Malaysia has cut its benchmark rate by a further half a point despite indication earlier this month that it would hold back on further loosening.
Price target will settle expectations: Bernanke
The Federal Reserve's ushering in of an implicit inflation target should lead to more stable price expectations, the head of the central bank has said.
Fed site looks to clarify balance-sheet growth
The Federal Reserve has launched a new section of its website to explain why its balance sheet has doubled since the beginning of the crisis.
Eastern Europe counters currency attacks
Four eastern European central banks have made a coordinated effort to bolster their currencies, saying recent sharp depreciations fail to reflect economic fundamentals.
Asia sets up $120bn FX fund to stave off attacks
Asian finance ministers on Sunday pledged $120 billion to counter the risk of a currency collapse in the region.
Trichet pushes for greater regulatory role
Jean-Claude Trichet, the president of the European Central Bank (ECB), has called for European Union to grant his institution a greater regulatory role.
US regulators pledge to support banks
America's regulators on Monday moved to shore up sentiment in the country's flagging financial sector, saying they would support systemically important institutions.
Korea may use reserves to support won - report
The Bank of Korea seems willing to use its dollar reserves to bolster the ailing won, after an official told local media that the central bank was unconcerned that its foreign-exchange stockpile could fall below $200 billion.